Clean Energy Company Energy Vault Lands SPAC Deal, Palantir Investment

A clean energy company with a unique software solution is going public via a SPAC merger announced Thursday morning. 

The SPAC Deal: Energy Vault is going public with Novus Capital Corporation II NXU in a deal valuing the company at a pro-forma enterprise value of $1.1 billion.

Investors in Energy Vault include SoftBank Group and a venture fund from Aramco, one of the largest companies in the world.

Energy Vault was founded by Bill Gross, who leads Idealab and is the CEO of Heliogen, which recently announced a SPAC merger with Athena Technology Acquisition Corp ATHN.

A $100 million PIPE for the SPAC deal is supported by investments from SoftBank, Cemex CX and Palantir Technologies Inc PLTR. SPAC sponsor Novus Capital is also participating in the PIPE.

Shares of the new company will trade under the ticker GWHR on the NYSE with a deal expected to close in the first quarter of 2022.

Related Link: 14 SPACs That Palantir Technologies Has Invested In Or Partnered With 

About Energy Vault: Founded in 2017, Energy Vault uses a gravity-based, grid-scale energy storage system. The company uses a block tower system to store and released renewable energy.

Energy Vault uses software to determine when power demand is low. The company cites having operational flexibility for short- and long-duration storage versus existing competition.

The company utilizes artificial intelligence and proprietary software for its energy storage solution. The company will produce low-cost renewable power all hours of the day using its tower system.

Growth Ahead: Energy Vault is seeking to change the renewable energy market by providing energy regardless of the current weather conditions.

Energy Vault expects to generate revenue in 2022. Funds from the SPAC deal are expected to fund the company’s growth strategy that includes customer deployments in the fourth quarter of 2021 in the U.S. and other countries in 2022.

“We’re seeing all the demand even come forward,” Energy Vault CEO Robert Piconi said.

Renewable energy is expected to represent 90% of total energy generation by the year 2050, according to IRENA.

The company could play a vital role in energy storage, which is a market that could grow substantially given the investments being made in clean energy.

Photo: Energy Vault

Posted In: M&ANewsSmall CapIPOsAramcoBill Grossclean energyenergy storageEnergy VaultRobert PiconiSPAC